The national Bank spoke about the impact of the increase in oil prices for Ukraine

The national Bank spoke about the impact of the increase in oil prices for Ukraine

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Today, 16:15

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In the NBU told of how eliminate negative impacts.

The result of the increase in oil prices on the world market in Ukraine is expected to short-term inflationary pressures.

To such conclusion came the NBU after the meeting of the monetary policy Committee regarding the rate hike.

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During the discussion determined that the factor of rise in price of oil affects the inflation processes in Ukraine.

“First (other factors – ed.), the rise in oil prices on world markets, which is rapidly reflected in prices in Ukraine in connection with a significant share of the cost of fuel and lubricants in the cost of the finished product. This will create additional inflationary pressure and will affect inflation in the short term”, – stated in the message.

However, the impact on inflation will be neutralized, because after the increase in fuel prices will increase the cost and export of Ukrainian goods. The increase in foreign exchange earnings, in turn, will affect the exchange rate of the hryvnia will weaken inflation.

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Also on inflationary processes is influenced by good weather conditions this spring which give hope for a good harvest of grain crops, vegetables and fruits.

Recall that in may the price for a barrel of oil rose to $ 80. However, in the near future the price of a barrel of oil could reach a hundred dollars. It is associated primarily with the US withdrawal from the nuclear agreement with Iran, one of the leading exporters of oil.

  • oil
  • Ukraine
  • National Bank

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